The Law Offices of Frank R. Cruz Announces Investigation of DermTech, Inc. (DMTK) on Behalf of Investors
The Law Offices of Frank R. Cruz Announces Investigation of DermTech, Inc. (DMTK) on Behalf of Investors
LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of DermTech, Inc. (“DermTech” or the “Company”) (NASDAQ: DMTK) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On August 8, 2022, DermTech disclosed that it was reducing its full-year 2022 outlook to reflect a lower average selling price (ASP) for the Company’s DermTech Melanoma Test (DMT). The Company claimed that “[t]he ASP pressure is primarily the result of Medicare billing code edits, which are expected to be improved in the coming quarters, as well as less favorable collection patterns from commercial payors.”
On this news, DermTech’s stock price fell $2.87, or 34%, to close at $5.56 per share on August 9, 2022, thereby injuring investors.
On November 3, 2022, DermTech disclosed that “[w]e achieved meaningful year-over-year billable sample volume growth, but sequential growth was flat due to headwinds caused by limited commercial payer coverage.” The Company further disclosed that growth in utilization of DMT with certain customers “is tempered because of typical payor tactics to impede our adoption momentum” and that as a result “we expect to finish 2022 below our previous guidance range.”
On this news, DermTech’s stock price fell $1.34, or 44.7%, to close at $1.66 per share on November 4, 2022, thereby injuring investors further.
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If you purchased DermTech securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com
